People’s deposit completely safe in banks: BB

Staff Reporter :
Rumour spreads on various social media that the people are withdrawing their deposits from the banks.
The Bangladesh Bank, however, urged the people not to be panic at the rumour.
“No bank in the country has been closed since the independence and will never be in future. So, there is no need to be panic over getting back of the deposit money,” said G M Abul Kalam Azad, Executive Director and Spokesperson of the Bangladesh Bank after a meeting with the delegation of the World Bank on Sunday.
“If any bank fails to pay the deposit money, Bangladesh Bank will take action against them. Any complaint of customer should be reported to the central bank. We will take steps by investigation on the basis of the complaint,” he added.
Bankers said that the people were struggling amid rising commodity prices that might force them to withdraw savings to meet daily household expenditures.
Wishing anonymity his name, a managing director of a bank told The New Nation, “All most all banks have liquidity crisis due to the ongoing dollar shortage, failing to recover loan and higher inflation.”
“People are withdrawing money from banks instead of keeping deposit due to the higher inflation as they are struggling to survive. But the situation is yet to be deteriorated to be panic,” he added.
Alleging that some people are spreading rumour through social media, he suggested the people not to pay head to the rumours,” he said.  
It is also evident in the declining flow of deposits in the banks. The year-on-year net bank deposits have declined by 29 per cent from 2020-21 to 2021-22 fiscal year, according to the Bangladesh Bank.
Deposits in poor’s bank accounts declined by 18.61 per cent in the second quarter ended in June 2022 compared with that in the same period of the last year.
The hard-core poor’s deposits in bank accounts stood at Tk 201.37 crore at the end of June 2022 against Tk 238.84 crore at the end of June 2021, according to the Bangladesh Bank’s quarterly report.